Fenchurch Energy advises in Africa Finance Corporation, Pecan Energies AS acquisition deal

Fenchurch Energy Limited, a Nigerian upstream and Midstream energy advisory has completed technical due diligence services for Africa Finance Corporation’s (AFC’s) acquisition of 100 percent shares of Pecan Energies AS, formerly (Aker Energy AS) from Aker ASA, a Norwegian Industrial Investment Company, and The Resource Group TRG AS (TRG).

According to a statement by the energy advisory, Aker SA and TRG have agreed to sell their shares in Aker Energy AS (Aker Energy) to AFC Equity Investment Ltd, a company owned by AFC.

Established in 2007, Fenchurch Energy is a leading Upstream and Midstream energy advisory firm headquartered in Lagos, Nigeria.

Speaking on the completion of the advisory mandate for the landmark acquisition in the Ghanaian oil and gas sector, Olufemi Bakare, CEO of the Fenchurch Group, said, “We are delighted to be supporting the AFC on their upstream and midstream investments across Africa.

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“The Pecan Energies acquisition is just the latest in a growing list of transactions we have worked on for the pan-African Infrastructure Development Finance Institution.”

AFC is a pan-African multilateral development finance institution with a $10.5 billion portfolio of loans and other investments across six sectors. AFC has invested in several projects in Ghana across various real sectors over the last 15 years, both as equity and debt providers.

“Since we began to provide technical advisory services to AFC in 2019, we have continued to deploy the best hands and our region-specific expertise to ensure that the right analysis and advice is provided on this and other AFC transactions. We congratulate the AFC team on the acquisition and wish them more success in the future,” said Funso Adeyemi, director, Fenchurch Energy.